Sensex digs to 400pts, Nifty dips by 150pts; Smallcap Index falls over 2%
Fewer equities have been joining the S&P 500’s recent climb as it has surged to new highs, raising concerns that recent gains may be reversed if the market’s top performers falter.
Fewer equities have been joining the S&P 500’s recent climb as it has surged to new highs, raising concerns that recent gains may be reversed if the market’s top performers falter. Strong market breadth, or the quantity of stocks contributing to the increase of a larger index, is sometimes seen favorably by investors as it indicates that gains are less reliant on a select group of names.
Due to the holiday closures of most of the area, including China, Hong Kong, Japan, South Korea, Singapore, Taiwan, Vietnam, and Malaysia, trading in Asia is anticipated to be light during these hours. Mainland The Lunar New Year holiday has halted China’s financial markets; trading will return on Monday, February 19.
Following Israel’s announcement that it had “concluded” a series of attacks in southern Gaza, worries over Middle Eastern oil supplies were somewhat allayed, and oil prices declined in early Asian trade on Monday. Although supply worries in the Middle East persisted, some of them were allayed by U.S. news.
The number of oil and gas rigs operated by US energy companies reached its highest level since mid-December, possibly indicating a rise in output. Last week, domestic output reached a record 13.3 million barrels per day (bpd).
Sensex had dropped 255.73 points, or 0.36%, to 71,339.76 at 12 pm, while Nifty had dropped 95.85 points, or 0.44%, to 21,686.65. The majority of the indices were trading lower, with PSBs, Oil & Gas, and Realty being the largest losers, while the IT, Pharma, and Healthcare indices were rising.
The Smallcap Index had a decline of more than 2% in the overall market.